OPEC+ deal to cut oil production, pending Mexico's agreement

Friday, 10 April 2020 12:35

OPEC, Russia and other allies have agreed to reduce supply by 10 million barrels per day, pending Mexico's participation

The volume represents one-fifth of current output, but Mexico has yet to join the pact, according to Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman Al Saud.

"I hope (Mexico) comes to see the benefit of this agreement not only for Mexico but for the whole world,” said Prince Abdulaziz bin Salman, speaking to Reuters. “This whole agreement is hinging on Mexico agreeing to it."

Saudi Arabia was due to host an extraordinary meeting by video conference for G20 energy ministers later on Friday.

More from Business

UAE Central Bank support package reaches AED 6.2 billion

The Central Bank of the UAE (CBUAE) has announced the key outcomes of its comprehensive support package designed to strengthen the resilience of financial institutions.
Dubai Holding picks 15 scale-ups from 1,400+ applicants for sustainability challenge

Dubai Holding, a diversified global investment company with investments in more than 30 countries, has announced the 15 bold scale-ups selected for its 'Innovate For Tomorrow' impact accelerator programme.
ADNOC backs UAE's AED1 billion National Industrial Resilience Fund

ADNOC has become the first partner to support the UAE Cabinet's newly announced AED1 billion National Industrial Resilience Fund (NIRF) following a trilateral agreement signed at the 'Make it in the Emirates' 2026.
Trump sets deadline for EU to comply with trade deal or face 'much higher' tariffs

US President Donald Trump has announced on Thursday that he would give the European Union until July 4 to implement trade deal commitments before he raises tariffs on EU goods, including cars, to "much higher levels."